Crypto Exchange Hotbit Halts Operations, Cites Falling Cash Flow

Hong Kong-registered cryptocurrency exchange Hotbit halted operations on Monday and asked users to withdraw funds from the platform by the early hours of June 21.

Clients have been pulling cash from the platform in recent months, Hotbit said in a blog post, which cited an investigation in August last year, followed by a “series of crises” in the industry, including the collapse of FTX. All that led to “continuous outflows of funds from CEX users, including Hotbit, and deteriorating cash flow,” it said.

“Repeated cyber attacks and the exploitation of project defects by malicious users” were also to blame ...